Doing the math on deficit reduction

Biden's proposals don't do enough, but the GOP proposals go in the wrong direction

As I’ve written before, there’s something perverse about the fact that so much elite energy was expended 10 years ago on the search for a fiscal grand bargain when deficit reduction was macroeconomically inappropriate, but now that the time is right for deficit reduction, that energy has largely vanished.

House Republicans have sort of returned fiscal i…